Legal Question in Banking Law in New York

lending money thru check

hello there,

I gonna lend $10,000 to a friend of mine. Of course I am not giving him cash�I am gonna give him thru a check from my bank account.

Just to be on safe side, what his information I should have (before I lend this money to him) in order to take legal action against him if he doesn�t return the money?

Name

Address

Bank Name

Anything else?

Sincerely appreciate any response!


Asked on 6/23/09, 11:51 am

1 Answer from Attorneys
Paula McGill Paula McGill Attorney at Law

Re: lending money thru check

You should have him sign a promissory note with the amount of the loan and specific terms of repayment. I would recommend that the note be notarized. The note should also include his name, address, and social security number.

The promissory note, cancelled check, and copies of checks or moneys made in repayment of the loan would be great evidence to present in court should you have to sue.

Also licensed in New York.

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Answered on 6/24/09, 2:42 pm


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